Hi Pat. I would like to have your opinion on the following stock: Pinecrest Energy. This stock is in addition to ones I own that you have recommended. Your very useful advice will be very much appreciated. Thank you in advance.
Pinecrest Energy, $0.41, symbol PRY on Toronto (Shares outstanding: 209.6 million; Market cap: $86.0 million; www.pinecrestenergy.com), is a junior oil and gas explorer focused on light oil properties in the Slave Point area, in the greater Red Earth, Alberta, region.
Pinecrest uses waterflooding to extract oil. This method involves injecting water into the reservoir to remove oil that is left over after normal pumping operations.
The company’s costs are rising as it continues to truck in water and use rented diesel generators to supply power at its waterflood projects. Longer term, it hopes to install water pipelines and power lines to cut costs. But meanwhile, its long-term debt of $115.1 million is a very high 134% of its $86-million market cap. Pinecrest has now likely drawn all of its bank credit facility, and this lack of funds will hurt its production and cash flow.
The shares have fallen steadily from $2 over the last year, and they could go lower.
We don’t recommend Pinecrest…
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